Tamboran Resources (NYSE:TBN) Sees Strong Trading Volume – Here’s What Happened

Tamboran Resources Corporation (NYSE:TBN) shares saw unusually-strong trading volume on Thursday . Approximately 55,743 shares changed hands during trading, an increase of 70% from the previous session’s volume of 32,792 shares.The stock last traded at $28.8250 and had previously closed at $28.57.

Analysts Set New Price Targets

Several equities analysts recently weighed in on TBN shares. Weiss Ratings reissued a “sell (d)” rating on shares of Tamboran Resources in a research report on Friday, January 9th. Wells Fargo & Company started coverage on Tamboran Resources in a report on Tuesday, December 2nd. They issued an “overweight” rating and a $35.00 target price on the stock. Finally, Royal Bank Of Canada lifted their price target on Tamboran Resources from $30.00 to $38.00 and gave the company a “sector perform” rating in a report on Friday, October 24th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $36.33.

Tamboran Resources Stock Performance

The firm has a market capitalization of $613.59 million, a price-to-earnings ratio of -11.65 and a beta of 0.18. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.02. The stock’s fifty day moving average is $26.02 and its two-hundred day moving average is $23.94.

Tamboran Resources (NYSE:TBN) last posted its quarterly earnings results on Thursday, November 13th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.21). The company had revenue of ($0.66) million for the quarter, compared to analyst estimates of $0.51 million. On average, analysts predict that Tamboran Resources Corporation will post -1.86 earnings per share for the current year.

Insider Activity at Tamboran Resources

In other news, Director Phillip Z. Pace acquired 2,000 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The stock was bought at an average price of $23.50 per share, with a total value of $47,000.00. Following the completion of the acquisition, the director directly owned 2,000 shares of the company’s stock, valued at approximately $47,000. The trade was a ? increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tamboran Resources

Hedge funds and other institutional investors have recently made changes to their positions in the company. HITE Hedge Asset Management LLC boosted its holdings in Tamboran Resources by 44.0% in the third quarter. HITE Hedge Asset Management LLC now owns 1,737,575 shares of the company’s stock valued at $47,575,000 after purchasing an additional 530,850 shares during the last quarter. Alberta Investment Management Corp grew its holdings in Tamboran Resources by 116.8% during the second quarter. Alberta Investment Management Corp now owns 758,680 shares of the company’s stock worth $16,175,000 after acquiring an additional 408,680 shares during the period. UBS Group AG raised its position in Tamboran Resources by 170.9% during the third quarter. UBS Group AG now owns 278,938 shares of the company’s stock valued at $7,637,000 after acquiring an additional 175,973 shares in the last quarter. Ingalls & Snyder LLC lifted its holdings in Tamboran Resources by 124.1% in the third quarter. Ingalls & Snyder LLC now owns 258,534 shares of the company’s stock valued at $7,079,000 after acquiring an additional 143,194 shares during the period. Finally, Whitebox Advisors LLC purchased a new stake in Tamboran Resources in the 2nd quarter worth approximately $1,194,000.

Tamboran Resources Company Profile

Tamboran Resources is an independent energy company focused on the exploration and development of unconventional natural gas resources. Headquartered in Canada and listed on the New York Stock Exchange under the ticker TBN, the company concentrates its activities on onshore basins in Australia. Tamboran’s primary objective is to advance its exploration acreage toward commercial viability by leveraging modern drilling and reservoir evaluation techniques.

The company holds exploration licenses in the Beetaloo Basin in the Northern Territory of Australia, where it is conducting appraisal drilling programs to define reservoir characteristics and recoverability.